Ashurst advised DZ BANK Deutsche Zentralgenossenschaftsbank, Frankfurt am Main and Commerzbank Aktiengesellschaft on the financing of the acquisition of ADA Cosmetics (ADA), a leading maker of hotel cosmetics, by private equity investor Ardian (formerly AXA Private Equity). The acquisition comprised subsidiaries in, inter alia, Austria and Switzerland. The parties have agreed not to disclose the financial terms of the transaction. ADA was sold by funds of the US private equity firm The Carlyle Group.

The Ashurst team was led by Munich banking partner Dr Bernd Egbers. He was supported by counsel Christiane Kneip, associate Dr Thomas Freund and transaction manager Susanne Kasnitz (all banking, Munich). Partner Heiko Penndorf and senior associate Felix Krüger (both Frankfurt) advised on tax aspects, partner Lars Jessen and senior associate Dr Philip Cavaillès (both corporate, Munich and Frankfurt) on general corporate law.

Law firm Wolff Theis supported Ashurst regarding Austrian law and Homburger regarding Swiss law.

ADA is a leading maker and supplier of hotel cosmetics. With around 300 employees and a global distribution network it supplies to nearly 15,000 customers worldwide. In 2006, the SME investor Halder had bought ADA as part of a management buy-out. The investor and the ADA Management had acquired the group from the founding family. In April 2011, Halder had sold its majority stake in ADA to a fund of The Carlyle Group.